7 Ways to Modify the Popular 52-Week Money Savings Plan to Meet Your Goal of Saving $1,378 This Year

We shared this savings idea with you at the beginning of the year and it is a popular, fun and effective way to save $1,378 by the end of the year.

How do you save this by the end of the year?

It’s a very simple concept!

Basically, you save $1 for each week of the year that it is.

For example:

Week #1 – Save $1

Week #2 – Save $2

Week #3 – Save $3

and so on……. by the end of the year and all 52 weeks, you will have accumulated $1,378 towards whatever additional savings goal you have

But there is one issue with it that is an issue for many households! During the “most expensive month” – December – you are to save $48, $49, $50, $51 and $52 each week. Those are the highest amounts of the year and they are during the Christmas season. Now if you can follow the savings plan and still plan on the highest amounts being deposited during the Christmas season, then don’t make any modificiations!

But many of you have requested a modification to this system that will still allow you to save the $1,378 ($1 for each week of the year) but not end up with the highest amounts during the Christmas season.

We agree and we have seen many of you that are making a modification.

We asked on our Facebook page what your changes are going to be and so we will now share those with everyone here so that you can make this work for your family!

Idea #1 – Work Backwards

It’s quite simple. Just take the download below and start saving backwards. Meaning the highest amounts are first and by the time you reach Christmas season, you are depositing $5, $4, $3, $2 and $1 in your savings.

Idea #2 – Deposit Bi-Weekly

The next idea shared was to deposit bi-weekly to also coordinate with a common paycheck schedule, whether you are doing it in order or backwards. Or if you are doing this bi-weekly, one deposit from the beginning and one from the backwards end. So biweekly #1 would be $53 (last week of December and first week of January) and this helps ease the load at the end.

Idea #3 – Average the total either weekly, bi-weekly or monthly

Another idea is to take the total of $1,378 and deposit the same amount 52 times, 26 times or 12 times. This way you are depositing the same amount each time.

If you deposit weekly, you would deposit $26.50 each week.

If you deposit bi-weekly, you would deposit $53 each paycheck/bi-weekly.

If you deposit monthly, you would deposit $115 (or $114.83 to be exact) each month.

Idea #4 – Random Deposits

This idea was shared as a way to meet the goal based on funds you have available each week. For example, Reader Tammy shared that they had $23 available to deposit the first week, so they crossed off the date of June 6th. They will do this all year until they have all of the weeks/amounts crossed off!

Idea #5 – Seasonal Deposits

Basically, this idea was shared by reader Vicky. In their family, they have seasonal jobs. The summertime is the busiest time, so they plan to stay on track, and then once their seasonal work kicks in, then they will start backwards from there.

Idea #6 – Save that much in coupons that week and deposit what you “would have spent”

Another great idea!

Idea #7 – Both Spouses Save and one goes in order and one goes in reverse.

If you have this ability, this is a great way to double your savings. One spouse saves the normal “forward” way and the other saves “backwards” so it is not so taxing, but you get double the savings!

So those are all some great ideas and modifications to make this savings plan work!

Don’t look at this and say to yourself “there is no way I would have any week that I could save $50, so I am not even going to try.”

Even if this seems like incredibly overwhelming to you, we suggest just starting. If financial hard times happen and you can’t finish the year, you might have made it half way and have nearly $700 in your bank account, which could be a HUGE blessing to you. Don’t make excuses, just try something! Keep doing month #1 over and over if that is all you can do….. it is something!

We know a thing or two about taking small baby steps. When we tried to chop our $100K consumer debt as aggressively as we could, it backfired. But finally, when we took baby steps, the debt started dropping like hot cakes!

Comments

I have a version of this chart on my site http://www.ataxhaven.org, too. I added a place for a purpose, because sometimes a planned purpose and goal will make it much easier to follow. Even grown ups love rewards!!!! Love your ideas! I always say “Do whatever works for you!”

SAVE YOUR CHANGE!!! I have literally saved thousands over the past 6 years doing this! Bank of America has a “save the change” program where they round up your debit card purchase to the nearest dollar and they deposit that amount into your bank account. (If you spend $9.15, they will round it up to $10.00 and put the .85 cents into your savings account. ` Also, when you use cash, always break a bill, and put the change into a special place. The only coins I ever spend are pennies that I might get. Just by doing those two things, I average a savings of approx. $1500.00 a year that we use on our yearly family vacation!